Updated on October 23, 2020 10:08:55 AM EDT
There is nothing of relevance to mortgage rates taking place today. That doesn’t mean we won’t see an intraday move in the markets or mortgage rates though. They seem to be extremely sensitive to news about a potential stimulus agreement in Washington D.C. Headlines of progress towards an agreement should be taken as bad news for bonds and mortgage rates because a new package would help make the economy stronger. On the other hand, if talks fall apart again, we should see bonds react favorably and mortgage rates move lower.
Next week has plenty of economic reports scheduled for release, one of which is a major report. There are also a couple of Treasury auctions that may influence afternoon trading two days. Each day has at least one item set that has the potential to affect mortgage pricing to some degree, including Monday when September’s New Home Sales report is posted.
Look for details about next week’s calendar and weekend news that are relevant to mortgage rates in Sunday evening’s weekly preview.
©Mortgage Commentary 2020